Financial opening-up gains momentum

One of the major debates about financial opening-up is whether a country can become the world's second-largest economy and remain closed off to the global financial system.

Zhu, from SAIF, said: "This is something the USSR achieved. It was the world's second-largest economy and was a fully closed economy. It also fared well in the 1970s when the Western world was suffering from stagnation. It was never a powerful economy, though, and never had the influence that China is enjoying right now."

For Zhu, such opening-up is an important stage in the development of the economy.

"Opening-up has the potential to transform China's financial system and deal with some of the structural issues that beset the Chinese economy, and help it navigate through the so-called middle-income trap."

Precisely when China will have an open financial system is often speculated on, with dates such as next year or 2025 being bandied about.

Jin said: "It will remain a step-by-step process. I would expect it to be in the next few years and not long into the future.

"I hope foreigners will have the confidence that their participation is very much welcome. I think the Chinese government will do everything to provide them with a level playing field, and so I think it is all very positive."